Bank of Russia moves to legalize cryptos for cross-border payments

The apex bank in Russia has consulted with relevant stakeholders to legalize cryptos for cross-border payments. The bank confirmed this development in a special report released by the central bank. The Bank of Russia and the Ministry of Finance have concluded that “it is impossible to do without cross-border settlements in cryptos,” particularly in the wake of the heavy sanctions imposed on the country.

Alexei Moiseev, Deputy Finance Minister, also confirmed the development. According to Moiseev, Russia will likely legalize crypto payment usage for cross-border settlements very soon. The deputy minister stressed the positive effects attributable to the usage of domestic crypto payments in Russia. 

According to Alexei, the usage of crypto payments for cross-border settlement will be monitored by the Apex bank. He added that such operations must align with anti-money laundering (AML) and know-your-customer (KYC) regulations.

Moiseev said legalizing the trend is imperative “because the infrastructure that we plan to create is too rigid for the use of cryptos in cross-border settlements, which, of course, we must first legalize somehow.” He further said that giving “people the opportunity to do it; on the other hand, put it under control, so there is no laundering, paying for drugs, and so on.”

Similarly, the first deputy governor in Russia, Ksenia Yudaeva, also reacted to the development. According to him, the apex bank in Russia is set to legalize the usage of cryptos for cross-border payments.

Cryptos can help Russia secure sustainable global trade

The latest move by the bank of Russia comes a few weeks after Mikhail Vladimirovich Mishustin, the Prime Minister of the country, announced the plan to adopt crypto as an official payment mode for imports and exports. According to the Prime minister, this will help the country secure sustainable global trade effectively.

Mishustin is optimistic that cryptos possess the tendency to help the country recover from its trying time. He hinted that crypto offers an excellent alternative to payments and imports. He intends to revamp the country’s economy ”with sufficient liquidity, ensure the sustainability of our enterprises and entire industries, and save jobs.”

The prime minister added, “we need to intensively develop innovative areas, including adopting digital assets. This is a safe alternative for all parties that can guarantee uninterrupted payment for the supply of goods from abroad.”

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